Rafferty Asset Management LLC Has $8.88 Million Position in Deere & Company $DE

Key Points

• Rafferty Asset Management LLC has reduced its stake in Deere & Company by 20.4%, selling 4,853 shares during the first quarter, leaving it with 18,916 shares valued at $8,878,000.
• Several brokerages have issued updated ratings for Deere, with Wall Street Zen upgrading the stock from "sell" to "hold" and Truist Financial adjusting its target price from $619.00 to $602.00 while maintaining a "buy" rating.
• Deere & Company recently announced a quarterly dividend of $1.62, set to be paid on November 10th, representing an annualized yield of 1.3%.

Rafferty Asset Management LLC trimmed its position in Deere & Company (NYSE:DE - Free Report) by 20.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,916 shares of the industrial products company's stock after selling 4,853 shares during the period. Rafferty Asset Management LLC's holdings in Deere & Company were worth $8,878,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of DE. Hughes Financial Services LLC bought a new stake in Deere & Company during the first quarter worth about $29,000. Cornerstone Planning Group LLC raised its holdings in Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after acquiring an additional 36 shares in the last quarter. Orion Capital Management LLC bought a new stake in Deere & Company during the fourth quarter worth about $34,000. Mascagni Wealth Management Inc. bought a new stake in Deere & Company during the fourth quarter worth about $39,000. Finally, Dogwood Wealth Management LLC bought a new stake in Deere & Company during the fourth quarter worth about $42,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE DE traded down $12.76 during trading hours on Friday, reaching $478.68. 1,534,087 shares of the stock were exchanged, compared to its average volume of 1,456,507. The firm has a market capitalization of $129.64 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 3.07 and a beta of 1.06. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. Deere & Company has a 52 week low of $376.95 and a 52 week high of $533.78. The stock's fifty day simple moving average is $505.03 and its 200 day simple moving average is $491.11.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share for the quarter, topping analysts' consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The firm's quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter last year, the company earned $6.29 earnings per share. Sell-side analysts predict that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.4%. Deere & Company's dividend payout ratio (DPR) is currently 33.87%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on DE shares. Robert W. Baird dropped their target price on Deere & Company from $520.00 to $488.00 and set a "neutral" rating on the stock in a report on Friday, August 15th. JPMorgan Chase & Co. boosted their price target on Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Evercore ISI set a $491.00 price target on Deere & Company in a research report on Tuesday, August 19th. Melius raised Deere & Company from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of Deere & Company in a research report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $523.87.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.